All signs point to yes!
Sidenote: I'm a carebear. From a PvE perspective this is especially true. But then again, when you're competing against somebody and lose, isn't it natural to whine, a whole bunch.
The environments of Warcrack are well-developed, with a vast mythology to draw and expand upon, WoW gives you a feeling that yes Virginia, there is a storyline. There are strands for each of the races, each of the zones, and some strange over-arching storyline that seems to well, coalesce for most of the upper-level raid dungeons.
Dugeons, everywhere, add a reason to group while the game unlike so many other MMORPGs, there is soloable content throughout the whole game, including the level 60 areas, although "elite" mobs are much harder to solo at equal level.
There is music, sound effects, and ambient noises that are well made - but this is where I found the game lacking. I turned off most of my sound in favor of my own music after I got to my first alt. The music is good, but honestly, I log so many hours on this game it'd be ridiculous to stay in tune with it unless...well I loved it.
The game gives a large amount of variable difficulty, with a forgiving learning curve. And then you get to the harder dungeons and you find that things look impossible at first. But there are strategies to be figured out.
And the most succinct part of my review: pretty.